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Bibby funds apparel industry growth
Jul '10
Bibby Financial Services (BFS) has seen an uptick in apparel companies that are seeking factoring facilities to fund growth. BFS added several firms in Q2, ranging from start-ups to established companies. They include:

• A new high-end menswear importer and manufacturer, based in Montecito, CA, will use its $500,000 facility to fulfill large orders domestically and abroad.
• An importer of men's and women's high fashion apparel will use its $750,000 facility to expand the number of brands it imports.
• A Gardena, CA-based company that imports and manufactures intimate/sleepwear will use its $300,000 facility to fund growth. It was attracted to the option of using BFS's Purchase Order financing as the need arises.
• A previously self-funded Los Angeles-based handbag and ladies accessory importer will use its $100,000 facility to grow its business.

“This increase in apparel clients is encouraging for the industry,” said Nick Hart, managing director, Bibby Financial Services' West Coast operations. “In Q1, we saw many start-up apparel companies that wanted a cash flow solution in place to position them for potential growth after 2009's tough trading conditions. Now, as we wrap up Q2, we see some of our current clients expanding as we take on even more small- and medium-sized apparel companies that are reacting to increased demand.”

Bibby Financial Services is a worldwide market-leading specialist of business cash flow solutions to small- and medium-sized enterprises. With offices in 8 North American cities and 11 countries around the world, its product portfolio includes receivables finance, factoring, export finance, purchase-order finance, specialist solutions for the staffing and trucking sectors, and it is an approved lender for the Export-Import Bank's working capital guarantee delegated authority program. Bibby Financial Services is a subsidiary of a 202-year-old privately held company based in the United Kingdom.

Bibby Financial Services (Holdings) Inc

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